Tranche Anything

Mezzanine is a tranching protocol for onchain yield. Each vault runs its own yield strategy, often across several protocols, built to optimize yield on RWAs, stablecoins and crypto. That strategy is then split into a lower-risk senior tranche and a first-loss junior tranche, with an optional mezzanine tranche in between. The first vault, the Hastra Optimizer, deploys USDC into Hastra PRIME and AUTO, using Morpho for extra capital efficiency. Every vault is isolated, so a loss in one stays in that vault. Tranching changes how losses are distributed; it doesn't prevent them.